i. The business — what you’d actually own
| Figure | FY 2022 | FY 2023 |
|---|---|---|
| Revenue | — | — |
| Net income | −$13,1001 | −$34,6991 |
| Operating cash flow | −$16,8502 | −$34,6992 |
| Capital expenditure | — | — |
| Free cash flow (derived) | — | — |
| Total debt | — | — |
| Cash & equivalents | — | — |
| Diluted shares | 502.7M | 7.07B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares of this business that earned you −$0 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 2y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
+1306% shares · 2y
Share count is up 1306% over 2 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
iv. What it’s worth — engine v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2022-07-31 · accession 0001599916-23-000217 (NetIncomeLoss)
- 10-K · period ending 2022-07-31 · accession 0001599916-23-000217 (NetCashProvidedByUsedInOperatingActivities)